HSBC And BEDC Host Financial Health Seminar
On Wednesday, 14 August, HSBC Bermuda Limited and the Bermuda Economic Development Corporation [BEDC] co-organised a two-hour business seminar on the theme of “Managing the Financial Health of your Business”.
Trina Roberts, Head of Business Banking at HSBC opened the seminar by noting that HSBC and BEDC have run a series of seminars in 2013 on the title of “Planning for Change”, in order to encourage business owners to pro-actively adjust to the current market challenges.
[L-R] Nick Kempe, VP Bermuda Forwarders and BEDC Chair; Megan Nesbitt, Owner Abacus Ltd; Gita Blakeney-Saltus, Co-Owner Flowers By Gimi; Keisha Burgess-Davis, HSBC Wealth Coach; Kumi Bradshaw, Owner, Firm Advisory Ltd.
Kumi Bradshaw, CBA, BVAL of Firm Advisory Ltd, and Megan Nesbitt, CMA of Abacus Ltd, led the presentations by pointing out that being able to measure the level of risk and reward in your business helps you to know whether your business is creating wealth or destroying it. In a healthy business the systems and processes are sound and make it easily saleable, as opposed to a business that revolves around one person. Both presenters suggested that it is best to be proactive rather than reactive when it comes to managing the health of your business. Mrs. Nesbitt urged attendees to “avoid the pain and expense of waiting until the last minute to address concerns with your business.” Participants were also reminded to separate their personal and business income: “You cannot get an accurate record of your business if your expenses are enmeshed with your personal finances”
Continuing with the theme of personal finances, Ms Keisha Burgess-Davis, a Wealth Coach at HSBC, reminded participants that creating a budget and sticking to it creates a discipline and behaviour that makes your financial goals a reality, and generates a positive impact on your business. Three questions to ask before making any purchase are: “Is it really necessary; can I really afford it; will I still want it tomorrow?”
Susan Tessitore, HSBC Relationship Manager, presented on “How to Raise Finance”. Her key recommendations included: carefully manage your credit histories, have a sound business plan, keep financial records and know exactly how you plan to use a loan. Besides Bank debt finance, other ways to raise finance are through savings, through loans from friends and family – or other investors – and by negotiating with suppliers for good credit terms.
“Dream big but start small” stated Gita Blakeney-Saltus, co-owner of Flowers by GiMi, who wrapped up the seminar with a very dynamic account of Flowers by GiMi’s start up in 2008 to now being a 5-time “Best of Bermuda” winner. Growing up, Mrs. Blakeney-Saltus said she hated mathematics and was afraid of numbers. As a business owner, she has now realized that numbers could be her friend because “numbers don’t lie”. Ms Blakeney-Saltus encouraged participants not to be afraid to “look under the hood and see the financial picture” of their company, because only by doing that could they improve their circumstances.
The seminar was closed by Nick Kempe, Vice President of Bermuda Forwarders and Chair of BEDC who thanked each of the presenters for their contribution as well as the participants for attending. He encouraged participants to keep their financials up to date, and to use their monthly sales and income figures to manage their expenses. Participants welcomed the information shared at the seminar, noting that it reinforced their understanding of financial management tools. Following the official close of the seminar, Mr. Bradshaw and Mrs. Nesbitt donated an additional 30 minutes to speak with individual participants about their specific concerns.
